NASD Investors Cash in N20bn in One Week

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Dipo Olowookere Small business owners and artisans living in Nigeria, especially those who are consumers of Nigerian Breweries Plc, have been urged to submit their business plans to enable them to get funding support from the company. The leading brewery firm is providing at least N200,000 to each of the successful entry for its Goldberg Isedowo and Life Progress Booster initiatives. Nigerian Breweries, brewers of Life Continental Lager and Goldberg Lager Beer, provided these platforms to empower small business owners and artisans in the country. Business Post reports that Nigerian Breweries, through these initiatives, has impacted nearly 1,000 businesses

By Dipo Olowookere Chief Executive Officer of Sterling Bank Plc, Mr Abubakar Suleiman, has revealed how the lender successfully navigated the uncharted waters of the Nigerian economy. Speaking recently at the second edition of the Sterling Leadership Series (SLS) held in Lagos, where riding out the rapid and unpredictable change associated with the Nigerian market was the focus of senior business leaders, Mr Suleiman said the setting of goals helped the firm during the turbulent period of the nation. “When we embarked on this journey as a bank, there were hardly any institutional role models who managers could call upon

By Ayomide Oriade Life in the emerging post-COVID-19 era is proving as difficult as when the virus put a halt to economic and other aspects of human activities while at its peak. The pandemic is leaving in its wake economic realities the world might not recover from for a decade to come. To navigate this unanticipated reality, countries are reeling out shrewd economic measures which are resulting in diverse economic effects on their citizens. More stinging is the dire economic situation the pandemic enforced on the globe that everyone is becoming more frugal with what they dispense. The situation on

By Bilyaminu Kong-kol The objective of communication is, indisputably, to attain the desired result; definitely for it to serve the purpose for which it is designed, intended or planned, positive or negative. Communication has been perhaps the most important aspect of human and social existence even during the primitive age. Therefore, care must be taken to preserve its sanctity and values and that demands that the content being pushed out is not distorted or cooked, espousing the public good and sometimes truthfully exposing wrongdoings in the society. A medium which hurts, destroys people and elicits growling phone calls and libel

By Modupe Gbadeyanka An ex-Polaris Bank staff, Ms Hannatu Nuhu, has been convicted by Justice Umaru Fadawu of the Borno State High Court sitting in Maiduguri, the state capital. The former banker was found guilty of stealing money belonging to a customer of the financial institution, according to the suit filed by the Economic and Financial Crimes Commission (EFCC). The convict was arraigned in on Monday, June 21, 2021, on an amended one-count charge bordering on criminal misappropriation to the tune of N500,000, which she pleaded guilty to. She was said to have taken the money to invest in “Galaxy

By Modupe Gbadeyanka Trading activities on the floor of the National Association of Securities Dealers (NASD) closed this week on a negative note. The NASD OTC Market ended with a decline in market metrics, as the NASD USI went down by 1.09 percent, closing at 656.55 points against 663.82 points last Friday. Consequently, the total market capitalisation shed 1.09 percent this week, closing lower at N444.30 billion compared to N449.23 billion last Friday. FrieslandCampina WAMCO Nigeria Plc was the biggest price loser during the week, losing N5 of its share value to close at N150 per share against the previous

One of the lenders making efforts to reach the unbanked and under-banked in the country is Ecobank Nigeria. The company has been pushing the frontiers of financial inclusion by leveraging on technology with the introduction EcobankPay, Xpress Agency Points and other digital platforms into the market space. These products have provided key solutions to address the rapid shift to mobile payment and the adoption of digital channels across the country. Confirming this was the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, who spoke at the Vanguard Economic Forum series on mobile money market and Fintech, with the theme Leveraging

By Modupe Gbadeyanka The Nigerian Senate on Sunday disclosed that the N13.5 million paid monthly to members of the upper parliament was included in the National Assembly budget. In a recent interview, a Senator from Kaduna, Mr Shehu Sani, revealed that apart from the N750,000 salary paid to Senators, the sum of N13.5 million is paid to lawmakers every month as “running cost.” This generated mixed reactions from Nigerians, who described the payment as outrageous and illegal. But reacting to the issue yesterday, spokesman of the Senate, Mr Aliyu Abdullahi, said there was nothing new in his colleague’s statement. According